British retail sales climb for fifth month in row

British retail sales climb for fifth month in row

According to the data provided by the UK’s Office for National Statistics, in September 2020, retail sales showed a significant rise. The data greatly exceeded the forecasts.

The ONS noted that in September, retail sales advanced by 1.5% in contrast to August. On a yearly basis, the indicator jumped by 4.7%.

Trading Economics emphasized that analysts had expected a rise of 0.4% on a monthly basis and a 3.7% increase year over year. Thus, the indicator has been growing for five months in a row. In September 2020, the UK retail sales climbed by 5.5% compared to February, the month when the coronavirus outbreak occurred.

The revised data showed that in August, the UK retail sales inched up by 0.9% whereas they added 2.7% on a yearly basis. In September 2020, the country’s retail sales, excluding automotive fuel, grew by 1.6% in a month and by 6.4% compared to the previous year. Analysts had foreseen smaller rises of 0.5% and 5% respectively.

In the third quarter of 2020, the UK retail sales soared by 17.4%, showing the best performance since the record began.

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